deficiencies about a year next Bitcoin block reward halving (bitcoin), but Litecoin miners (LTC extension) is already preparing for the event.
Litecoin subsidy blocked in less than two weeks will come down from 12.5 LTC to 6.25 LTC per block.
Whales are stocking up on LTC, but BTC value remains weak
despite its share discussionsLitecoin remains the 12th largest cryptocurrency by market cap, with approximately $6.8 billion.
Its miners are currently collecting 7,200 LTC block rewards per day. equal to about $670,000.
As the halving approaches, big investors seem to be looking for an easy trade, with popular crypto trader Mikybull and others highlighting that the whale has purchased around $60 million worth of LTC in the past two days.
#Litecoin whales have bought over 590,000 #LTC worth approximately $59M in the last 48 hours!
The halving is expected to occur in a few days.
Few days left until halving. pic.twitter.com/L77RB5lLIq
— Mikybull Crypto (@MikybullCrypto) 19 July 2023
However, there doesn’t seem to be much to celebrate in terms of BTC.
datas Cointelegraph Markets Expert And Trade View Highlight how Litecoin is currently Close to historic lows compared to the most capitalized cryptocurrencya trend that continues over the years regardless of previous fluctuations.
As of July 19, LTC/BTC is trading at 0.0031 and the all-time low of 0.0017 was reached in June 2022. In contrast, 1 LTC was once worth 0.052 BTC and is equivalent to $1,560 today.
In May 2021, Litecoin hit an all-time high in USD, surpassing $400 per token. while the value is currently at $93.
A small consolation for Bitcoin forks
Regardless, in terms of weakness relative to Bitcoin, Litecoin is far from being the worst performer.
Related: Bitcoin Price Stabilized at $30,000: Here are the top three reasons
Over the years, a frequent comparison involves Bitcoin forks against the same cryptocurrency BTC. Unfortunately, the results continue to reflect a bleak reality in terms of resilience to the market’s preferred mesh.
For Bitcoin SV (BS extension), the picture is even worse, a similar recovery from June’s all-time lows has already stalled.
At the time of writing, BSV/BTC is trading at 0.00124 BTC, this is 98% less than historical peaks.
This article does not contain investment advice or advice. Every investment and trade involves risk and readers should do their own research before making a decision.
Translation of Walter Rizzo